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Nigeria’s inflation rate hits 33.95% in May -NBS
The National Bureau of Statistics (NBS), says Nigeria’s headline inflation rate increased to 33.95 per cent in May 2024.
The NBS said this in its Consumer Price Index (CPI) and Inflation Report for May, which was released on Saturday in Abuja
According to the report, the figure is 0.26 per cent points higher compared to the 33.69 per cent recorded in April 2024.
It said on a year-on-year basis, the headline inflation rate in May 2024 was 11.54 per cent higher than the rate recorded in May 2023 at 22.41 per cent.
In addition, the report said, on a month-on-month basis, the headline inflation rate in May 2024 was 2.14 per cent, which was 0.15 per cent lower than the rate recorded in April 2024 at 2.29 per cent.
“This means that in May 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in April 2024.”
The report said the increase in the headline index for May 2024 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.
It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.
Others were furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverage, tobacco and kola, recreation and culture, and communication.
It said the percentage change in the average CPI for the 12 months ending May 2024 over the average of the CPI for the previous corresponding 12-month period was 29.06 per cent.
“This indicates a 7.86 per cent increase compared to 21.20 per cent recorded in May 2023.”
The report said the food inflation rate in May 2024 increased to 40.66 per cent on a year-on-year basis, which was 15.84 per cent higher compared to the rate recorded in May 2023 at 24.82 per cent.
“The rise in food inflation on a year-on-year basis is caused by increases in prices of Semovita, Oatflake, Yam flour prepackage, Garri, and Bean,
“Others are Irish Potatoes, Yam, Water Yam, Palm Oil, Vegetable Oil, Stockfish, Mudfish, Crayfish, Beef Head, Chicken-live, Pork Head, and Bush Meat.”
It said on a month-on-month basis, the food inflation rate in May was 2.28 per cent, which was a 0.22 per cent decrease compared to the rate recorded in April 2024 at 2.50 per cent.
“The fall in food inflation on a month-on-month basis was caused by a decrease in the average prices of Palm Oil, Groundnut Oil, Yam, Irish Potato, and Cassava Tuber.
“Others are Wine, Bournvita, Milo, and Nescafe.”
The report said that “all items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 27.04 per cent in May on a year-on-year basis.
“This increased by 7.21 per cent compared to 19.83 per cent recorded in May 2023.’’
“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”
It said the highest increases were recorded in prices of Actual and Imputed Rentals for Housing Class, Bus Journey intercity, and Taxi Journey per drop.
“Others are Accommodation Service, X-ray photography, Consultation Fee of a medical doctor, Laboratory service, among others.”
The NBS said on a month-on-month basis, the core inflation rate was 2.01 per cent in May 2024.
“This indicates a 0.18 per cent decrease compared to what was recorded in April 2024 at 2.20 per cent.”
“The average 12-month annual inflation rate was 23.45 per cent for the 12 months ending May 2024, this was 5.34 per cent points higher than the 18.11 per cent recorded in May 2023.”
The report said on a year-on-year basis in May 2024, the urban inflation rate was 36.34 per cent, which was 12.61 per cent higher compared to the 23.74 per cent recorded in May 2023.
“On a month-on-month basis, the urban inflation rate was 2.35 per cent, which decreased by 0.32 per cent compared to April 2024 at 2.67 per cent.’’
The report said on a year-on-year basis in May 2024, the rural inflation rate was 31.82 per cent, which was 10.63 per cent higher compared to the 21.19 per cent recorded in May 2023.
“On a month-on-month basis, the rural inflation rate was 1.94 per cent, which increased by 0.024 per cent compared to April 2024 at 1.92 per cent.’’
On states’ profile analysis, the report showed that in May, all items’ inflation rate on a year-on-year basis was highest in Bauchi at 42.30 per cent, followed by Kogi at 39.38 per cent, and Oyo at 37.73 per cent.
It however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 25.97 per cent, followed by Benue at 27.74 per cent, and Delta at 28.67 per cent.
The report, however, said in May 2024, all items inflation rate on a month-on-month basis was highest in Kano at 4.24 per cent, followed by Gombe at 4.06 per cent, and Bauchi at 3.75 per cent.
“Ondo at 0.57 per cent, followed by Kwara at 1.19 per cent and Yobe at 1.24 per cent recorded the slowest rise in month-on-month inflation.”
The report said on a year-on-year basis, food inflation was highest in Kogi at 46.32 per cent, followed by Ekiti at 44.94 per cent, and Kwara at 44.66 per cent.
“Adamawa at 31.72 per cent, followed by Bauchi at 34.35 per cent and Borno at 34.74 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’
The report, however, said on a month-on-month basis, food inflation was highest in Gombe at 4.88 per cent, followed by Kano at 4.68 per cent, and Bayelsa at 3.62 per cent.
“While Ondo at 0.02 per cent, followed by Yobe at 0.95 per cent and Adamawa at 1.02 per cent, recorded the slowest rise in inflation on a month-on-month basis.”
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Fubara Tasks Nigeria’s Surveyor-General On C of O …Says Surveyors’ Role Pivotal In Governance
Rivers State Governor, Sir Siminialayi Fubara, has expressed concern over certain unprofessional practices within the surveying profession, urging practitioners to address issues surrounding the acquisition of Rights of Way and seismic operations in the State.
The governor also raised strong objections to what he described as threats to land ownership and title in the State through the alleged issuance of Federal Certificates of Occupancy by the Office of the Surveyor-General of the Federation and other affiliated federal agencies.
According to him, such actions are contrary to Section 1 of the Land Use Act, Cap L5, Laws of the Federation of Nigeria 2004, which vests all land within a state in the Governor as trustee on behalf of the people.
Fubara made the remarks while speaking as Special Guest at the National Conference of the Association of Private Practicing Surveyors of Nigeria (APPSN), a sub-group of the National Institute of Surveyors (NIS), held at the Obi-Wali Cultural Centre, Port-Harcourt, yesterday.
Represented by the Secretary to the State Government, Dr Benibo Anabraba, the governor also expressed concern over the problem of land grabbing through illegal survey plans and the payment of inadequate compensation to landowners during compulsory land acquisition for oil and gas exploration by licence holders, urging surveyors to uphold professionalism and fairness in their practice.
He said such illegal activities negatively affect the development of the State.
Fubara urged surveyors to promote ethical and sustainable planning practices that protect the environment, including the preservation of green spaces, marine areas, and forest reserves.
He described the role of surveyors as pivotal to the growth, development, peace, and orderly governance of any society.
According to him, the services of surveyors are critical to physical and urban planning, housing development, land administration, and the provision of infrastructure.
He stressed that surveyors play indispensable roles in land use and management, infrastructure provision, environmental management, and conflict resolution, noting that their presence in government ministries, departments, and agencies ensures adherence to best practices.
“The role of surveyors in governance is pivotal to the growth, development, peace, and order of society, particularly in land administration, infrastructure development, environmental management, and conflict resolution,” the governor said.
He noted that the conference theme, “Mapping the Future: The Vital Roles of Surveyors in the Nigerian Oil and Gas Industry,” was particularly significant to Rivers State, given its position as the hydrocarbon heartbeat of the nation.
The President of the Nigerian Institution of Surveyors (NIS), Surv. Pius Eze, urged all participants to optimize the opportunity provided by the conference for professional upgrading and networking, adding that the conference displays consistency of vision and dedication to the welfare of private practitioners.
The National Chairman of APPSN, Surv. Simepiriye Kalio, thanked leaders and members of the association for their sacrifices to achieving the successes recorded.
The Chairman of APPSN, Rivers State chapter, Surv. Andy Nwikinane, said that the association was working with relevant stakeholders to prevent the infiltration of quacks in the profession.
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African Leaders Should Be Under 50 -Jonathan
Former President Goodluck Jonathan has called for a generational shift in African leadership, urging countries across the continent to deliberately promote younger leaders between the ages of 25 and 50.
According to him, younger leaders are more physically and mentally equipped for the rigours of modern governance.
Jonathan made the call in Abuja, yesterday, at the International Memorial Lecture and Leadership Conference marking the 50th anniversary of the assassination of former Head of State, General Murtala Ramat Muhammed.
Reflecting on the demands of leadership, the former president recalled that while in office, he sometimes had no more than two hours of sleep in 24 hours, stressing that advanced age can limit the capacity to cope with the pressures of governance.
“Why do we begin to think that you must be a hundred years old before you can rule your country?” Jonathan asked.
He noted that leadership requires unusual stamina and resilience, arguing that younger leaders are better positioned to withstand the pressure.
“If they need to stay awake for 24 hours, they can stay awake for 24 hours. When I was in office, some days I did not sleep up to two hours. If you subject an older person to that kind of stress, the person will spend 50 per cent of the time in hospital,” he said.
Jonathan aligned his position with the spirit of Nigeria’s “Not Too Young To Run” movement, which seeks to lower age barriers for elective offices and encourage youth participation in politics.
“I have to reinforce the Not Too Young To Run movement. We have to bring some of these age limits down. If we are looking for people who can run nations in Africa, we should look within the 25 to 50 age bracket. That is when you can be very vibrant, physically strong and mentally sound,” he said.
He also questioned the practice of some public office holders spending extended periods outside their states or countries.
“In a country like the United States, some governors do not leave their states for four years. But here, some of our governors spend 50 per cent of their time outside. So who runs the state? Why will we not have security problems? Coming of age must transcend many things. First and foremost, we must have the discipline to manage ourselves,” he added.
Reflecting on the legacy of General Murtala Muhammed, Jonathan said the late leader demonstrated that age was not a barrier to decisive and visionary leadership. Muhammed became Head of State at 38 and, despite ruling for only 200 days, left a lasting impact.
“General Murtala Muhammed assumed office at the very young age of 38. Despite a tenure of only 200 days, his achievements were profound because he was driven by a clear, unyielding vision.
“His leadership sent a clear message: leadership was to serve the national interest, not personal ambition,” Jonathan said.
The former president also referenced other Nigerian leaders who assumed office at relatively young ages, including General Yakubu Gowon, who became Head of State at 32 and later introduced the National Youth Service Corps, which remains in existence to this day.
“Young man of 32 managed to pull the country through the civil war. So why do we now think leadership must only come at old age?” he asked.
However, Jonathan cautioned that youth alone is insufficient without discipline, patriotism and strong institutions.
While praising Muhammad’s decisiveness, he stressed that democracy depends more on institutions than on individuals.
“Democracy requires vision rather than decree. It requires persuasion instead of command. It depends on institutions, not individuals. Above all, it requires respect for the rule of law and the willingness to submit power to the will of the people,” he said.
He urged African leaders to view governance as stewardship rather than entitlement and encouraged young people to see leadership as service.
“Young people must see leadership as service, not entitlement. Leaders must see governance as stewardship, not a right,” he said.
“I sometimes remember when I contested as a deputy governorship candidate. You had to be 40 years old before you could even be a senator, a deputy governor or a governor, not to talk about president. Yet the Head of State we are celebrating today assumed office at 38,” he added.
Calling on Nigerians and Africans to draw lessons from history, Jonathan said leadership should be measured by impact rather than duration in office.
“As we mark 50 years of General Murtala Muhammed’s legacy, let us remember that leadership is not measured by how long you govern; it is measured by the courage to act decisively when the nation needs direction and by the impact you make on society,” he said.
He emphasised that while military leaders govern by command and authority, democracy demands a different approach anchored on strong institutions, credible electoral bodies, an independent judiciary, well-trained security agencies and accountable governance systems.
“While General Murtala Muhammed symbolised decisive leadership, our democratic future depends on strong institutions. Democracy requires vision rather than decree. It requires persuasion instead of command. It depends on institutions, not individuals. Democracy also demands restraint and respect for the rule of law,” Jonathan said.
News
Police Bust Kidnapping Syndicate In PH
The Rivers State Police Command has confirmed the arrest of two men linked to a criminal syndicate that lured, kidnapped, and robbed women working as “run girls” in Port Harcourt hotels.
The suspects, 27-year-old Albert Koko-Ete Hanson and 18-year-old Wisdom Okon from Abak Local Government Area of Akwa Ibom State, were apprehended after victims reported the crimes to hotel security.
One of the victims, simply identified as Faith, told the police that she was invited to a hotel under the pretense of a client request and was led to a two-bedroom apartment where the suspects were staying.
She said the suspects showed her a photograph of another woman, whom they claimed was owing them N5 million, and demanded her phone password to access her bank account. Her phone was seized, though she had no money in her account.
Faith also alleged that another female victim had already been tied and blindfolded in a bathroom, and both were later stripped and sexually assaulted, with threats of organ harvesting reportedly made by the suspects.
It was learnt that a third victim alerted friends in the hotel via text message while the suspects tried to access her bank app. The quick action of the hotel security team led to the rescue of all the three victims.
The prime suspect, Albert Koko-Ete, reportedly confessed to the crimes and revealed that he had been operating the syndicate for six years, earning over N18 million naira.
Rivers State Police Public Relations Officer, CSP Grace Iringe-Koko, warned young women against engaging in prostitution, citing the high risks involved.
Iringe-Koko advised women to acquire skills and seek legitimate means of income, revealing that the syndicate specifically targeted women with high-end devices such as iPhone 15 and above.
The Police confirmed that the suspects’ method involved identifying women they could abduct to extort money from them or their relatives.
The Police said the suspects remain in custody and will be arraigned in court once investigations are complete.
The Command reiterated its commitment to protecting citizens and dismantling criminal networks preying on vulnerable individuals.
King Onunwor
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